> For the complete documentation index, see [llms.txt](https://support.backpack.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.backpack.exchange/exchange/trading/order-types/twap/faqs.md).

# FAQs

<details>

<summary><strong>When should you use TWAP?</strong></summary>

* When placing a large order that might cause price slippage
* When markets are volatile and you want to average your entry/exit
* When you want to reduce visibility to bots or other traders

</details>

<details>

<summary><strong>Will using the TWAP strategy incur additional fees?</strong></summary>

Using the TWAP strategy does **not** incur additional fees.\
Users only pay standard trading fees based on actual matched trades.

</details>

<details>

<summary><strong>Is a longer running time and higher frequency always better?</strong></summary>

Not necessarily. Choose execution duration and frequency based on:

| **Setting**          | **Advantages**                                               | **Risks**                                                        |
| -------------------- | ------------------------------------------------------------ | ---------------------------------------------------------------- |
| **Longer duration**  | - Lower market impact - Closer to average market price       | - Exposed to longer volatility - Slower completion               |
| **Shorter duration** | - Faster execution - Useful for fast markets                 | - Higher slippage risk - Needs deeper liquidity                  |
| **Higher frequency** | - Smoother execution - Better for high-frequency price moves | - High system request rate - More demand on account/data updates |
| **Lower frequency**  | - Simpler operations - Potentially lower fees (per order)    | - Less smooth - Higher chance of missing market opportunities    |

</details>

<details>

<summary>a<strong>re TWAP orders guaranteed to execute?</strong></summary>

No. TWAP orders are executed based on market liquidity and may not fill completely if market conditions change.

</details>

<details>

<summary><strong>Are executed TWAP orders considered market or limit orders?</strong></summary>

TWAP orders are split into smaller **market orders** when executed. Each slice follows the current best bid/ask price with slight adjustments based on your randomization settings.

</details>

<details>

<summary><strong>Can TWAP run across multiple pairs or markets simultaneously?</strong></summary>

No. Each TWAP strategy instance supports **only one trading pair**.\
To use TWAP across multiple pairs, create **separate strategy instances**.

<div align="left"><figure><img src="/files/u3kdZjHClkWSkA72a3vi" alt=""><figcaption></figcaption></figure></div>

</details>

<details>

<summary><strong>Under what circumstances could a TWAP strategy fail or be interrupted?</strong></summary>

TWAP may fail or terminate early due to:

* **Insufficient account balance**\
  (Cannot place next sub-order)
* **Manual cancellation by the user**
* **System errors or network issues**\
  (Maintenance, data issues, or connectivity disruptions)

> After interruption, no new orders will be placed.\
> Check your **strategy history** for filled and unfilled parts.

</details>

<details>

<summary><strong>Does TWAP guarantee execution at or better than the target average price?</strong></summary>

No. TWAP's goal is to **approximate** the time-weighted average price.\
However, due to real-time **price fluctuations** and **liquidity changes**, final prices may deviate.\
The platform **does not guarantee** a specific execution price.

> Proper configuration of time, frequency, and price control parameters can help minimize deviation.

</details>

<details>

<summary><strong>How to view your order history</strong></summary>

**View Your Order History on Web**

1. On the order entry page, select **‘TWAP’**
2. Select **‘Running’**（To view past orders, click the **‘History’** tab on the right）
3. Click **‘Details’** to view your strategy execution history

<div align="left"><figure><img src="/files/uT1jb2EDHoenKRG5oiAd" alt=""><figcaption></figcaption></figure></div>

**View Your Order History on Mobile**

1. On the order entry page, select **‘TWAP’**
2. Select **‘Running’**（To view past orders, click the **‘History’** tab on the right）
3. Click **‘Details’** to view your strategy execution history

<div align="left"><figure><img src="/files/oFW5clFjqosYdExdNAsY" alt="" width="188"><figcaption></figcaption></figure></div>

</details>

<details>

<summary><strong>How to terminate your TWAP strategy</strong></summary>

**Terminate Your TWAP Strategy on Web**

1. On the order entry page, select **‘TWAP’**
2. Click **‘Cancel’** to immediately stop the strategy\
   (Unfilled sub-orders will be withdrawn)

<div align="left"><figure><img src="/files/HVxrGtkAqGFXYVa59L0U" alt=""><figcaption></figcaption></figure></div>

**Terminate Your TWAP Strategy on Mobile**

1. On the order entry page, select **‘TWAP’**
2. Click **‘Cancel’** to immediately stop the strategy\
   (Unfilled sub-orders will be withdrawn)

<div align="left"><figure><img src="/files/Y5pfxbVObuGSaq1AVZym" alt="" width="188"><figcaption></figcaption></figure></div>

</details>


---

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